[quote]The real estate development firm Related’s long-delayed plan to build a $2 billion Frank Gehry-designed hotel, housing and retail complex on Grand Avenue has been off the table for several years. Now, a new proposal is finally coming into focus.[/quote]
[quote]Related faces a Feb. 15 deadline to break ground on the site across from Walt Disney Concert Hall known as parcel Q. The firm will instead ask for a third extension on that deadline, said Bill Witte, president of Related California, which in 2007 won the development rights for the project.[/quote]
[twocol_one]In Other News
[twocol_one_last]The Grand Avenue Authority, a city-county panel that oversees the property, has already granted Related two-year extensions in 2009 and 2011. This time, however, instead of simply asking for more time to wait out the sour economy, Witte said Related will suggest building on the property in phases.[/twocol_one_last]
The credit markets will not underwrite the kind of massive mixed-use project that was approved in 2007, Witte said. So the company will propose moving forward first with a residential tower on a portion of the site, likely near Second Street and Grand Avenue. The rest of the property would be developed in later stages, adding different uses according to evolving demand, Witte said.